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Chinese carmakers aim to build up presence in Europe
Their sales reached 9% of the European market in March as BYD, Chery and others expand plants and partnerships to avoid tariffs.
- Chinese brands including BYD, Chery, Geely, and XPeng captured a nine percent share of European sales in March, reaching 14 percent of the electric vehicle market, according to Dataforce.
- European Union plans to make 90 percent of all cars electric by 2035 created an ideal market for Chinese firms, which face significant overcapacity with plants running at only 50 percent of potential.
- Chinese innovation offers vehicles "twice as efficient for half the price" of European models, according to analyst Michael Foundoukidis, prompting traditional manufacturers like Volkswagen and Stellantis to pursue joint ventures.
- To sustainably exceed a 10 percent market share, Chinese manufacturers must assemble vehicles locally, confirmed Lionel French Keogh, with BYD building in Hungary and Leapmotor planning production in Zaragoza, Spain.
- Renault is testing a new strategy by developing the electric Twingo in China to regain competitiveness, though European manufacturers may face staff cuts or plant closures as they fight back.
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InsideNoVA.com+24 Reposted by 24 other sources
Chinese carmakers aim to build up presence in Europe
Chinese carmakers have quickly built up their presence in the lucrative European auto market, buoyed by technological advances their competitors are trying to copy, and analysts say their next step is to begin producing locally.
China's car manufacturers are now growing in the market. In fact, there are currently no fewer than 150 car manufacturers in their native countries. Of course, among them are the best known, such as BYD, Xpeng or MG and Leapmotor. All of them have a common point: to be present in Europe. And they are now much to want to try their luck at home. Thus, others have also just made their arrival, such as Omoda & Jaecco or Geely and Zeekr. Not to menti…
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Total News Sources26
Leaning Left3Leaning Right5Center11Last UpdatedBias Distribution58% Center
Bias Distribution
- 58% of the sources are Center
58% Center
L 16%
C 58%
R 26%
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